handbook of the economics of finance financial innovation

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1、Chapter6FINANCIALINNOVATIONPETERTUFANO°HarvardBusinessSchool,BostonContentsAbstract308Keywords3081.Introduction3092.Whatisfinancialinnovation?3103.Whydofinancialinnovationsarise?Whatfunctionsdotheyserve?3133.1.Inherentlyincompletemarketsstimulateinnovation3143.2.Inherent

2、agencyconcernsandinformationasymmetriesstimulateinnovation3153.3.Transaction,searchormarketingcostsstimulateinnovation3173.4.Taxesandregulationstimulateinnovation3183.5.Increasingglobalizationandperceptionsofriskstimulateinnovation3203.6.Technologicalshocksstimulateinn

3、ovation3213.6.1.Acasestudy:Nooneexplanationworks3224.Whoinnovates?Theidentitiesofandprivatereturnstoinnovators3245.Theimpactoffinancialinnovationonsociety3276.Issuesonthehorizon:patentingandintellectualproperty3297.Summary331References331°IwouldliketothankRen´eStulz,Jos

4、hLerner,RobertMcLaughlinandBel´enVillalongafortheirveryhelpfulcomments,andScottSinawiforhisableresearchassistance.ThisworkwasfundedbytheDivisionofResearchoftheHarvardBusinessSchool.HandbookoftheEconomicsofFinance,EditedbyG.M.Constantinides,M.HarrisandR.Stulz©2003Elsevi

5、erB.V.Allrightsreserved308P.TufanoAbstractAlthoughfinancialinnovationhasbeenanimportantpartofthefinanciallandscapethroughoutmoderneconomichistory,ithasreceivedrelativelylittleattentioninacademia.Thisessaysurveystheexistingliteratureonfinancialinnovationfromthedisciplineso

6、ffinancialeconomics,history,law,andindustrialorganization.Ibeginbydefiningfinancialinnovationanddiscussingproblemswithcreatingtaxonomiesoffinancialinnovations.Ithendiscusstheexplanationsgivenfortheextensiveamountoffinancialinnovationweobservebothtodayandinhistory,whichinclu

7、de:(a)completinginherentlyincompletemarkets;(b)addressingpersistentagencyconcernsandinformationasymmetries;(c)minimizingtransaction,searchormarketingcosts;(d)respondingtotaxandregulatoryforces;(e)respondingtochangesineconomicconditions,inparticularnewornewlyperceivedri

8、sks;and(f)capitalizingontechnologicaldevelopments.Ireviewworkthatstudiestheidentityofinnovators,theprocessofdiffusion